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Monday June 3rd, 2024

Sri Lanka eyes Saudi investments for energy, real estate, Port City – Foreign Minister 

 ECONOMYNEXT – Sri Lanka is eying for Saudi Arabian investments into the island nation’s renewable energy, petroleum, real estates, hospitality, and Port City, Foreign Minister Ali Sabry said after key Kingdom officials in Madinah city.

Sabry is on a five-day official visit to the Kingdom of Saudi Arabia from January 23-27 on an invitation of the Minister of Foreign Affairs of the Kingdom Prince Faisal bin Farhan Al Saud.

He met officials of the Organization of Islamic Cooperation (OIC) and Faisal bin Salman bin AbdulAziz Al-Saud, Governor of Madinah

“The OIC meeting was very important for us because there was a deterioration of our relationship,” Sabry told EconomyNext via telephone from Saudi Arabia.

“We also discussed with the Medina governor and other officials on investments into petroleum, hospitality, employment,  energy, real estate and the Port City. We also hope to avoid double taxation.”

“There could be a lot of opportunities for Sri Lanka from Saudi Vision 2030 where a lot of development is taking place. This is a good opportunity for Sri Lanka’s builders, engineers, quantity surveyors, and the IT sector.”

Saudi Arabia is one of Sri Lanka’s top markets for expatriate workers and remittances is the island nation’s top foreign exchange source.

Saudi Arabia had not expressed any interest in helping with a fuel credit line when former president Gotabaya Rajapaksa’s government approached the Kingdom officially amid a deteriorated relation after Rajapaksa’s government stubbornly refused an OIC request to stop forced cremation of COVID-19 Muslim dead bodies.

Sri Lanka has been looking for large investments into the country to move away from the ongoing unprecedented economic crisis.

Sabry said there was no plan to request an oil credit this time.

“Credit means we have to repay it in future. So we are focusing more on investments.”

Minister Sabry is scheduled to meet with Foreign Minister Farhan Al Saud and discuss further enhancement of the cordial bilateral relations. He will also meet with the senior officials of the Islamic Development Bank and other top officials in the next two days.(Colombo/Jan24/2023)

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  1. sacre blieu says:

    And so the stripping of assets goes on with no sign of any abatement. Every day sees a discovery or revelation of the great amount of looting, as a result of fraud, bribery, and corruption. It appears that the continuous printing and pumping of money into the economy has been mainly to fund the looting of every such government entity and department, as is also evident by the comment of the Gov., of the CB that even the private sector is guilty. not surprised if even the devil has been robbed, going by this epidemic of the greatest proportions. Never has been our atmosphere acrider.

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  1. sacre blieu says:

    And so the stripping of assets goes on with no sign of any abatement. Every day sees a discovery or revelation of the great amount of looting, as a result of fraud, bribery, and corruption. It appears that the continuous printing and pumping of money into the economy has been mainly to fund the looting of every such government entity and department, as is also evident by the comment of the Gov., of the CB that even the private sector is guilty. not surprised if even the devil has been robbed, going by this epidemic of the greatest proportions. Never has been our atmosphere acrider.

Water levels rising in Sri Lanka Kalu, Nilwala river basins: Irrigation Department

Sri Lanka Navy assisting in rescue operations (Pic courtesy SL Navy)

ECONOMYNEXT – Sri Lanka’s Irrigation Department has issued warnings that water levels in the Kalu and Nilwala river basins are rising and major flooding is possible due to the continuous rain. People living in close proximity are advised to take precautions.

“There is a high possibility of slowly increasing prevailing flood lowline areas of Kiriella, Millaniya, Ingiriya, Horana, Dodangoda, Bulathsinhala, Palinda Nuwara and Madurawala D/S divisions of Ratnapura and Kalutara Districts, up to next 48 hours,” it said issuing a warning.

“In addition, flood situation prevailing at upstream lowline areas of Ratnapura district will further be prevailing with a slight decrease.

“The residents and vehicle drivers running through those area are requested to pay high attention in this regard.

“Disaster Management Authorities are requested to take adequate precautions in this regard.”

The island is in the midst of south western monsoon.

DMC reported that 11,864 people belonging to 3,727 families have been affected due to the weather in Rathnapura, Kegalle, Kilinochchi, Jaffna, Mullaitivu, Kalutara, Gampaha, Colombo, Galle, Matara, Hambantota, Puttalam, Kurunegala, Kandy, Nuwara Eliya, Anuradhapura, Polonnaruwa, Badulla, Moneragala, and Trincomalee districts.

Meanwhile, the Meteorology Department stated that showers are expected on most parts of the island today.(Colombo/June3/2024)

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UNP gen secy defends call for postponing Sri Lanka poll, claims opposition silent

The UNP party headquarters in Pitakotte/EconomyNext

ECONOMYNEXT — United National Party (UNP) General Secretary Palitha Range Bandara has defended his call for postponing Sri Lanka’s presidential election by two years, claiming that his proposal was not undemocratic nor unconstitutional.

Speaking to reporters at the UNP headquarters Monday June 03 morning, Bandara also claimed that neither opposition leader Sajith Premadasa nor National People’s Power (NPP) leader Anura Kumara Dissanayake have spoken against his proposal.

“I have made no statement that’s undemocratic. My statement was in line with provisions of the constitution,” the former UNP parliamentarian said.

He quoted Section 86 of Chapter XIII of the constitution which says: “The President may, subject to the provisions of Article 85, submit to the People by Referendum any matter which in the opinion of the President is of national importance.”

Sections 87.1, 87.2 also elaborates on the matter and describes the parliament’s role, said Bandara.

“I spoke of a referendum and parliament’s duty. Neither of this is antidemocratic or unconstitutional. As per the constitution, priority should be given to ensuring people’s right to life,” he said.

“Some parties may be against what I proposed. They may criticse me. But what I ask them is to come to one position as political parties and make a statement on whether they’re ready to continue the ongoing economic programme,” he added.

Bandara claimed that, though thee has been much criticism of his proposal for a postponement of the presidential election, President Wickremesinghe’s rivals Premadasa and Dissanayake have yet to remark on the matter.

“I suggested that [Premadasa] make this proposal in parliament and for [Dissanayake] to second it. But I don’t see that either Premadasa nor Dissanayake is opposed to it. To date, I have not seen nor heard either of them utter a word against this. I believe they have no objection to my proposal which was made for the betterment of the country,” he said. (Colombo/Jun03/2024)

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300 of 100,000 trees in Colombo considered high risk: state minister

ECONOMYNEXT – Trees in Sri Lanka’s capital Colombo are being monitored by the municipal council, Army and Civil Defense Force as the severe weather conditions continue, State Minister for Defense Premitha Bandara Tennakoon said.

“Within the Colombo Municipal Council city limits, there are 100,000 trees. Of these, around 300 are considered high risk,” Tennakoon told reporters at a media conference to raise awareness about the current disaster management situation.

Not all trees required to be cut down he said. “We can trim some of the branches and retain them.”

The problem was that buildings in the vicinity of the tree had cut branches on one side, causing it to become unbalanced, the minister said.

New laws would be brought in so provincial/municipal institutions could strengthen enforcement of building codes.

“We don’t have a single institution that can issue a warning about a tree. Not one to tell us what trees can or cannot be planted near a road.

“Trees should be suitable for the area. Some trees have roots that spread and damage roads, buildings. When the roots can’t go deep, they tend to topple over.

“Now Environment Day is coming up, and anyone can go plant a tree by the road. We have to take a decision about this. We have to enforce laws strongly in future.” (Colombo/June3/2024)

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